RULE CHANGES CMHC REVENUE PROPERTY

Do you currently have a revenue investment in your home or outside? If you are thinking of making a move this year or purchasing a Revenue Property these new CMHC rules will be effective after September 28, 2015 and could substantially help your qualifications. CMHC recently announced that it will allow 100 per cent of the rental income from a unit to be considered for new loan applications submitted to it for mortgage insurance.That means that a secondary rentals suite’s income, minus costs including property taxes, will boost the size of the loan that buyers can secure.